FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

ssi_usd-chf_body_Picture_2.png, FOREX ANALYSIS: Canadian Dollar Forecast to Strengthen

USDCAD Retail forex trading crowds have increased their net-long US Dollar (ticker: USDOLLAR) position against the Canadian Dollar, and a contrarian view of crowd sentiment favors USDCAD declines.

Crowd net positioning is now at its most bullish since the pair traded below C$0.9900 in October, and such one-sided sentiment warns that the pair could continue lower.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3826+0.0012+0.09%
    USDSGD=X
    1.5403+0.0014+0.09%
    EURSGD=X
    2.02020.000.00%
    GBPSGD=X
    79.6731+0.0654+0.08%
    SGDJPY=X
    5.6182-0.0056-0.10%
    SGDHKD=X
    2.9794+0.0067+0.23%
    SGDMYR=X
    9,891.5020+15.6494+0.16%
    SGDIDR=X
    4.7425-0.0028-0.06%
    SGDCNY=X
    0.9931+0.0004+0.04%
    AUDSGD=X
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    SIN16.CMX
    80.15-4.94-5.81%
    ^XAU
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    HGN16.CMX
    49.19+0.57+1.17%
    CLN16.NYM
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